This week's quarterly results from Microsoft Corp, Apple Inc, Meta Platforms Inc and Amazon.com Inc will land in a market obsessed with every twist of a trade war that's wiped US$5.5 trillion from the S&P 500 Index. AI concerns have taken a back seat to angst over the possibility of a tariff-induced recession, while safe havens like gold have become the trade de jour for investors too rattled to buy stocks on the cheap.
The last time Big Tech delivered earnings, Donald Trump had just started his term, stocks were soaring on expectations of a pro-growth government agenda and investors' main worry was how long it would take companies to convert their artificial intelligence spending into profits.
Three months later, they are facing a far bleaker picture.
